If you’re like most Americans over 60, Social Security isn’t just a line on your bank statement—it’s a lifeline.

It’s the monthly reassurance that you can pay the bills, keep the lights on, and maybe even treat the grandkids to ice cream.

But a new, sobering report has landed, and it’s sending shockwaves through the retiree community: Social Security’s trust fund is running out of money faster than expected, and unless Congress acts, your check could shrink by thousands of dollars a year—starting as soon as 2033.

According to the latest projections from the nonpartisan Committee for a Responsible Federal Budget (CRFB), Social Security’s retirement fund could be depleted by the end of 2032.

That’s just seven years away.

If nothing changes, federal law requires that benefits be slashed to match the money coming in—resulting in an automatic 24% cut for everyone receiving Social Security.

The numbers aren’t just concerning—they’re unprecedented. Image source: Getty Images / Unsplash

To put that in perspective:

• A couple who both worked could see their annual benefits drop by $18,100 if they retire at the start of 2033.
• A single-earner couple might lose $13,600 a year.
• Even low-income couples could see an $11,000 annual cut.
• High-income couples? They could lose as much as $24,000 a year.

And these cuts aren’t a one-time thing. The CRFB warns that as the years go by, the gap between what Social Security pays out and what it takes in will only grow. By 2099, the cut could balloon to more than 30%.

Also read: Retirement dream derailed: How a senior housing promise left this 89-year-old with nearly nothing

Social Security is funded by payroll taxes and a trust fund built up over decades. But as more Americans retire and live longer, the system is paying out more than it’s taking in.

The recent Big, Beautiful Bill signed into law—extending tax cuts from the Trump administration—has also played a role.

By reducing certain taxes, the bill shrinks the revenue Social Security gets from the taxation of benefits, nudging the program closer to insolvency.

Also read: What the "Big Beautiful Bill" could mean for your energy bills—and the environment

And it’s not just Social Security. Medicare’s hospital insurance trust fund (that’s Part A, which covers hospital stays and skilled nursing) is also projected to run dry in late 2032. If that happens, payments for hospital services could be cut by 11%.)

Right now, Congress has not moved forward with any specific fix. But according to the CRFB, that’s not a neutral position.

“Policymakers pledging not to touch Social Security are implicitly endorsing these deep benefit cuts for 62 million retirees in 2032 and beyond,” the committee said.

Read next: New bipartisan proposal could reshape Social Security—here’s what it means for your future

Key Takeaways

• Social Security's retirement fund in the US is now projected to run out of money by the end of 2032, potentially forcing automatic 24 percent cuts to benefits for millions, with retirees set to lose thousands of dollars a year.
• The latest outlook blames changes brought in by President Donald Trump’s Big, Beautiful Bill, which has sped up the insolvency of both Social Security and Medicare trust funds.
• By 2033, a couple retiring could face an $18,100 annual cut in benefits, with lower-income couples losing a larger proportion of their income, while high-income couples could see cuts closer to $24,000 a year.
• Experts are warning that unless politicians act soon, millions of current and future retirees and Medicare recipients will be hit by these deep cuts, with the situation made worse if certain tax cuts are made permanent.

Are you worried about the future of Social Security? Have you made changes to your retirement plans in light of these reports? What would you like to see Congress do?

 

[Nicky]

Take from the poor and give to the rich. That’s his mantra!

 

[nitram]

What I am worried about is two things:

1. Liberals refusing to acknowledge that what has been draining Social Security for decades has been the fact that they borrowed from Social Security and have never paid it back.

2. Liberals refusing to accept the fact that making additional people eligible for Social Security like survivors has been draining Social Security for decades!

What upsets me is the gas lighting happening right here trying to blame Trump for the destruction of Social Security which started back in the sixties and continues due to congress continuously taking from Social Security.

If you are not gas lighting us please point out the lone items that Trump used in the bill.

 

[Kittykat168]

Yes, I am worried!

 

[nitram]

What I am worried about is two things:

1. Liberals refusing to acknowledge that what has been draining Social Security for decades has been the fact that they borrowed from Social Security and have never paid it back.

2. Liberals refusing to accept the fact that making additional people eligible for Social Security like survivors has been draining Social Security for decades!

What upsets me is the gas lighting happening right here trying to blame Trump for the destruction of Social Security which started back in the sixties and continues due to congress continuously taking from Social Security.

If you are not gas lighting us please point out the lone items that Trump used in the bill.

 

[DalCee]

HAVE ALL THE ILLEGALS Social Security been taken away... ILLEGALS HAD NO RIGHT TO OUR $$$$$$$

 

[sadieclayladie]

I keep reading all of this and haven't read about any options for the Seniors who are alone, ill with multiple chronic disease---I have Chronic Kidney Disease, Heart Disease, Diabetes II, Gout, have degenerative Spondilosis and a hip that is very bad and that's just the beginning. and I live in HUD subsidized housing for truly disabled. I have very low SS payments since I had to stop working at age 53 and am now age 69. I am not the only one in this country in this position. What will happen to us? I sure as heck don't know how to live on the streets.

 

[CJC]

HAVE ALL THE ILLEGALS Social Security been taken away... ILLEGALS HAD NO RIGHT TO OUR $$$$$$$

Undocumented people don't collect Social Security.

 

[nitram]

I keep reading all of this and haven't read about any options for the Seniors who are alone, ill with multiple chronic disease---I have Chronic Kidney Disease, Heart Disease, Diabetes II, Gout, have degenerative Spondilosis and a hip that is very bad and that's just the beginning. and I live in HUD subsidized housing for truly disabled. I have very low SS payments since I had to stop working at age 53 and am now age 69. I am not the only one in this country in this position. What will happen to us? I sure as heck don't know how to live on the streets.

Please do not be scared by the fear mongering by the left that they do here.

This is simply lies presented as facts trying to scare gullible people into voting for Democrats.

Research everything that scares you and ALWAYS ask for a url with a .gov ext.

Ask the people making scary claims for their Source and if it is not a government source that you can verify they are lying or trying to mislead you.

 

[KellyColeman]

They need to keep their grubby hands off of our Money! The government had no right to borrow against it to start with! We paid in that fund on good faith all our working lives. They are giving money to people that never paid into it. I know of a 20 year old kid, never held a job, fathered 4 kids in 5 years then Killed himself so the baby momma could collect SSI for the kids. Thats wrong. He never worked and she refused to. I was in the SSI office one time, there were 6 Illegals in there trying to claim Disability. They never worked a Day in the USA! Maybe it needs a little reforming. Pay back what the government took out.

 

[nitram]

They need to keep their grubby hands off of our Money! The government had no right to borrow against it to start with! We paid in that fund on good faith all our working lives. They are giving money to people that never paid into it. I know of a 20 year old kid, never held a job, fathered 4 kids in 5 years then Killed himself so the baby momma could collect SSI for the kids. Thats wrong. He never worked and she refused to. I was in the SSI office one time, there were 6 Illegals in there trying to claim Disability. They never worked a Day in the USA! Maybe it needs a little reforming. Pay back what the government took out.

You are right, congress has been giving away billions to people who have never paid into Social Security!